Intraday Report: KSE-100 recovers partially after plunging over 2,000pts

February 09, 2024 (MLN): The benchmark KSE-100 index pared some of its losses after falling as much as 3.8% or 2,362 points in the opening minutes of trading.

The index was down 1,151.81 points or 1.8% to 62,992.07 by 11:03am, showing a recovery of 1210 points from intraday lows.

The index has traded a volume of 82.496 million shares.

The biggest drags for the index were Oil & Gas Exploration Companies with 256.69, Commercial Banks with 236.07, Cement with 138.83, Fertilizer with 126.98, and Power Generation & Distribution with 94.29 points.

Companies that dragged the index lower were PPL with 102.73, OGDC with 91.77, HUBC with 65.94, MARI with 57.45 and ENGRO with 55.62 points.

Together, these five companies account for about 20.8% of the total weightage of KSE-100.

In the broader market, the All-Share index was at 42,625.06 with a net loss of 688.95 points.

According to Moody’s, the incoming government will need longer-term financing to meet its very large external debt obligations in the coming years.

“Even under a new IMF program, the new government will be tested on its willingness and ability to implement and sustain reforms, particularly revenue-raising measures that may be politically unpopular but required to improve macroeconomic conditions,” said Grace Lim, an analyst at Moody’s Investors Service in Singapore as reported by Bloomberg.

To note, the KSE-100 has gained 21,539 points or 51.96% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 541 points, equivalent to 0.87%.

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